Since June, the Pepe (PEPE) price has witnessed mild selling on a daily time frame. The PEPE price has been declining due to resistance from a descending trendline.
However, buyers have lost momentum near the trendline and have witnessed selling pressure. The PEPE crypto has dropped to the 200-day exponential moving average (EMA) and formed a bullish candlestick.
Here, RSI did not favor bullish momentum while the price stayed on the 200-day EMA. The further momentum seems uncertain even after a breakdown from a symmetrical triangle. At this point, 200-day EMA is working as a support level.
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Is PEPE Price at a Discount?
A crypto analyst named EXCEL GLOBAL SIGNALS (@excel_global55) shared his analysis on X about PEPE crypto. He claimed that the PEPE price has made a dip and might reverse.
In a 4-H time frame, the PEPE crypto has just tested the last swing low and shown price rejection. Here, buyers have shown involvement, which could lead to a bullish momentum ahead.
PEPE Price Triggered a Breakdown From Symmetrical Triangle
When writing, the Pepe coin was trading at $0.00000991, which has remained neutral over the past 24 hours. The market capitalization was $3.82 Billion, and the 24-hour trading volume was $432.16 Million.
Buyers have shown interest since September and lifted the price through a trendline. Moreover, the price has triggered a breakdown from the trendline.
The PEPE price has formed a symmetrical triangle pattern on the daily time frame, triggering a breakdown. It could be a bearish sign if the price slips below the 200-day EMA.
Also, sellers may drag the price to the significant support level of $0.00000600. If the PEPE price loses this zone, strong selling can be anticipated.
On the other hand, if the crypto asset price defends the 200-day EMA, a buying signal can be generated.
Once the price exceeds the descending trendline, buyers might show interest and lift the price further. Suppose the trading volume increases at the time of the breakout, then it could remain bullish for longer.
Based on the technical indicators, the RSI stayed below the RSI-based moving average. It is at 44.84 and heading toward the oversold zone, which can invite sellers. The price has declined below the key moving averages, demonstrating a bearish trend.
PEPE Price Analysis and Forecast
PEPE price is currently navigating a critical phase, recently declining by 20% and encountering significant selling pressure. The token has found support at the 200-day EMA.
However, the overall sentiment remained cautious due to a weakening RSI and a breakdown from a symmetrical triangle pattern. Suppose the price falls below the 200-day EMA, bearish momentum could intensify.
That could potentially lead to a drop in key support levels. PEPE crypto may maintain its position above the 200-day EMA and break through the descending trendline.
If this happens, it may signal a potential reversal and attract buyers. Increased trading volume can help more. As the situation develops, vigilance will be necessary to assess the next moves in this volatile market.
